One thing landlords don’t like thinking about is having an empty property. This causes them to lose money they often can’t really afford to miss out on. With the leading services for guaranteed rent in Tower Hamlets, you can rely on us to help. It is our goal to provide landlords with schemes that deliver the rent you are due even when your buildings are empty.

Co-op living

One revolutionary housing model has allowed individuals on modest incomes to purchase homes for a fraction of modern prices. This is due to a generous 50% discount which has been in existence since the 70s. People moving into Glenkerry House, Tower Hamlets purchase their homes for half of the current market value.

Many people in London are struggling to find a way onto the property ladder. The reasons why include big price tags and a struggle to save enough for deposits. Moreover, there have been tales of agents asking individuals to produce personal statements. Some also need to link it to their Linkedin profile.

However, those living in Glenkerry House argue the model here is a successful example of affordable housing. It delivers homes everyone can afford. To use an example, let’s say there was a one-bed flat with a £210,000 valuation. Compared to other sub-social housing, it’d be sold for £105,000. Aside from service charges and extra outgoings, all this together is much less than what people pay in private rent.

When a person sells a property here, they have a district valuer inform them of the market value. Then, the 50% discount applies. It ensures the homes remain affordable.

A sole surviving scheme

Originally, Glenkerry House was part of the wider Brownfield Estate in Poplar. It has been managed by residents via a community leasehold scheme since the start.

The now-dissolved Greater London Council handed over this block to the London Secondary Housing Association after its completion in 1977. It became one of six co-operative schemes in London. Today, it is the sole remaining one to operate as a successful, independent co-op. If you need the best services for guaranteed rent Tower Hamlets has, give us a call.

This block has been able to attract individuals from varying backgrounds. They have a range of jobs and diverse family set-ups. There are a lot of people here, including teachers, doctors, and nurses. Some creative and charity workers live in the building as well. You can find all sorts of residents who have been living here since the 70s and 80s.

Interviews for prospective residents

An interesting thing here is residents hold responsibility for the daily running of the block thanks to the Glenkerry Co-operative Housing Association. This is rather than an external management company.

So, anyone looking to move in has an interview with the resident selection committee. They are seeking key qualities, like financial stability or a history of volunteering. The aim is to make sure they will be a good fit.

The committee also confirms buyers have an income and obtains a reference from the employer. It is necessary to supply sufficient information so they understand that they can afford all the costs. This includes initial price, monthly outgoings, and service charges. Also, the committee asks the applicants what they can give to the community and how they will participate in it.

The block has its management committee too. It gets elected by the block’s leaseholders. Some of the tasks here are technically challenging. Yet, there are a bunch of small things individuals can do. Examples include being available if they need contractors to come in or helping with social events. There is a myriad of things people can do to help.

Each person pays a service charge, which goes towards Glenkerry Co-op’s sinking fund. This depends on the number of bedrooms and overall size of the home. These prices deliberately get kept low to ensure they are accessible to those on modest incomes.

Other housing co-ops do exist in London, but some are much smaller. As for the others, they are established in a very different, far more communal or potentially haphazard way. The Glenkerry Co-op though runs as a not-for-profit business.

We help all landlords and investors with guaranteed rent in Tower Hamlets

At Guaranteed Rent, we provide a service that works for all clients. Thanks to our flexibility, we can work with a variety of properties. This includes apartments, HMOs, houses, and flats. No matter what assets you have in your portfolio, we can help.

So, let us know if you’d like to use the leading services for guaranteed rent Tower Hamlets has. We can find the perfect solution for you.